Kering Gets $690 Million for Stake in Fifth Avenue Property

Gucci owner Kering will receive $690 million for a majority stake in a Fifth Avenue property in a deal with private-equity group Ardian, as the luxury group continues to unload assets to bolster its finances.

The two French companies said Tuesday that Kering would retain a 40% stake in the property and contribute the remaining 60% to a newly created joint venture with Ardian. The property on New York City’s Fifth Avenue houses luxury retail spaces totaling 115,000 square feet, they added.